Eastern Asia: Vitamin Market 2024

Vitamin Market Size in Eastern Asia

The East Asian vitamin market declined modestly to $X in 2021, dropping by -4.4% against the previous year. The total consumption indicated a tangible expansion from 2012 to 2021: its value increased at an average annual rate of +4.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -12.4% against 2017 indices. The level of consumption peaked at $X in 2017; however, from 2018 to 2021, consumption stood at a somewhat lower figure.

Vitamin Production in Eastern Asia

In value terms, vitamin production fell modestly to $X in 2021 estimated in export price. The total production indicated resilient growth from 2012 to 2021: its value increased at an average annual rate of +5.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +3.5% against 2019 indices. The most prominent rate of growth was recorded in 2015 when the production volume increased by 23%. The level of production peaked at $X in 2017; however, from 2018 to 2021, production remained at a lower figure.

Vitamin Exports

Exports in Eastern Asia

Vitamin exports rose to X tons in 2021, with an increase of 4.7% against the previous year. Total exports indicated buoyant growth from 2012 to 2021: its volume increased at an average annual rate of +7.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +105.5% against 2016 indices. The most prominent rate of growth was recorded in 2017 with an increase of 54% against the previous year. Over the period under review, the exports attained the maximum in 2021 and are expected to retain growth in years to come.

In value terms, vitamin exports expanded significantly to $X in 2021. In general, exports continue to indicate strong growth. The growth pace was the most rapid in 2017 when exports increased by 42% against the previous year. Over the period under review, the exports reached the peak figure in 2021 and are likely to see steady growth in years to come.

Exports by Country

China (X tons) represented roughly 99% of total exports in 2021.

China was also the fastest-growing in terms of the provitamins and vitamins exports, with a CAGR of +8.0% from 2012 to 2021. From 2012 to 2021, the share of China increased by +1.5 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) also remains the largest vitamin supplier in Eastern Asia.

From 2012 to 2021, the average annual rate of growth in terms of value in China stood at +7.5%.

Export Prices by Country

The export price in Eastern Asia stood at $X per ton in 2021, picking up by 7.7% against the previous year. In general, the export price, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 when the export price increased by 48%. As a result, the export price attained the peak level of $X per ton. From 2017 to 2021, the export prices failed to regain momentum.

As there is only one major export destination, the average price level is determined by prices for China.

From 2012 to 2021, the rate of growth in terms of prices for China amounted to -0.4% per year.

Vitamin Imports

Imports in Eastern Asia

Vitamin imports reduced to X tons in 2021, which is down by -7.3% against 2020 figures. In general, imports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 with an increase of 13% against the previous year. Over the period under review, imports reached the peak figure at X tons in 2017; however, from 2018 to 2021, imports remained at a lower figure.

In value terms, vitamin imports contracted to $X in 2021. Overall, imports, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 when imports increased by 19% against the previous year. The level of import peaked at $X in 2018; however, from 2019 to 2021, imports failed to regain momentum.

Imports by Country

Japan (X tons) and South Korea (X tons) represented roughly 76% of total imports in 2021. China (X tons) took a 16% share (based on physical terms) of total imports, which put it in second place, followed by Taiwan (Chinese) (6.9%).

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by South Korea (with a CAGR of +6.3%), while imports for the other leaders experienced mixed trends in the imports figures.

In value terms, China ($X), South Korea ($X) and Japan ($X) were the countries with the highest levels of imports in 2021, together accounting for 91% of total imports.

In terms of the main importing countries, South Korea, with a CAGR of +6.1%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced a decline in the imports figures.

Import Prices by Country

The import price in Eastern Asia stood at $X per ton in 2021, with an increase of 3.9% against the previous year. Over the period under review, the import price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the import price increased by 21%. As a result, import price reached the peak level of $X per ton. From 2019 to 2021, the import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was China ($X per ton), while Japan ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+6.5%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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